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Dealing with the estate

What happens to any accounts held in the deceased’s name?

Once we have been notified, we will begin to locate the accounts held with us. The next steps relating to each type of account or product are as follows:

Sole Accounts

Sole Accounts will be frozen and any payments into and out of the account stopped. Where any payments are still required to be made you should contact the originating party to make other arrangements. Interest will continue to be applied if applicable. Any funds held in the accounts form part of the estate and will be released when the settlement is completed.

Joint accounts

Joint accounts will stay active, and we will change these into the sole name of the surviving party. Any new cheque/passbooks will be issued if necessary. All payments into or out of the account will continue as normal.

Term deposit accounts

Term deposits can be left until maturity and will continue to earn interest. Term deposit accounts, whether joint or sole, can be closed

Cash ISAs

Cash ISAs are treated in the same way as a sole account and any funds will be released and accounts closed at settlement.

Since 3rd December 2014, when a person holding an ISA passes away and that person was married or in a civil partnership, the surviving spouse/ civil partner is entitled to an extra ISA allowance. This is referred to as the Additional Permitted Subscription (APS) allowance. Find out more about Cash ISA APS

Expenditure

There are a number of expenses which we can settle using the funds in the account(s). We can either do this directly with the relevant company, or if payment has already been settled, we can reimburse the relevant person. All we require is the invoice or proof of payment. We can also release all funds to settle part of the expenses, if the accounts we hold aren’t enough to settle the expenses in full.

These can include:

Funeral expenses

Funeral service

Catering

Flowers

Headstone

Estate costs

Confirmation/probate fees

Inheritance tax costs

If you need any expenses to be paid, please let the branch know, or forward the details to our Bereavement Services team.

When will accounts be closed and funds released?

We’ll release any funds as soon as possible. What we’ll need to release the funds depends on the total amount held with us:

Discharge and indemnity

When the total funds held with us are less than £30,000 (and the estate is such that Certificate of Confirmation/Grant of Probate or Letters of Administration are not required), our Bereavements Services team will ask for this form to be completed. We also use this form when the balance falls below £30,000 once funeral expenses have been paid.

We’ll need suitable identification from all parties signing the form – please see the useful Information section for what we can accept.

Certificate of Confirmation/Grant of Probate/Letters of Administration

When the total funds held with us are more than £30,000, or the value of the estate is such that Certificate of Confirmation/Grant of Probate or Letters of Administration is required we’ll need to see sight of the original or certified copy. These official documents allow personal representative(s) to close accounts, and administer the estate.

If further assets are held and you’re unsure of your legal obligations, you may want to seek independent legal advice. Alternatively you can visit gov.uk (link opens in a new window).

What happens to any borrowing?

If the deceased held a Yorkshire Bank credit card* or personal loan and the Will doesn’t make arrangements for this, the debt must be repaid from the estate by the personal representative(s). However, as the personal representative(s), you won’t be personally liable for the debts unless they were held jointly with you, or you provided a guarantee for a debt which can’t be repaid from the estate.

You should check if any debts held are protected by a payment protection plan as it could mean that the outstanding balance(s) can be paid off under the terms of the policy.

*If you’re an additional card holder for a credit card account, you can no longer use the card and you will not be personally liable for the debt.

What if the deceased held a mortgage with the bank?

The arrangements regarding mortgages depend on who owns the property and whether there was an insurance policy covering the mortgage. If the mortgage was held solely by the deceased, and not covered by an insurance policy, the mortgage debt will need to be repaid from the sale of the house or estate.

If the mortgage was held jointly, this will be changed into the sole name of the surviving party. Where the payments were paid from an account in the deceased’s sole name, the payments will need to be transferred. If you are concerned about your repayments please call Bereavement Services on 0800 011 3238.

Executor account

If there are a number of Bank accounts to settle and payments due to the estate, you may want to open an executor account with us to gather all the monies. To discuss this further, please contact your local branch. Alternatively you can call Bereavement Services on 0800 011 3238.

Inheritance tax

Inheritance tax may be payable depending on the value of the estate and who the estate is being left to. The personal representative(s) are usually responsible for paying this, using the funds from the estate. To find out more please visit: gov.uk (link opens in a new window).

Other taxes & benefits

Other Taxes may also require to be settled, including Income Tax and National Insurance, or the estate may be due tax back. Any benefits the deceased may have received must also be dealt with. The personal representative(s) are responsible for handling this. To find out more, contact HMRC and they’ll be able to help you. You can also visit: gov.uk (link opens in a new window).

Tell Us Once

Tell Us Once is a government service that is available, which lets you report a death to most government organisations in one go.

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The Bank as executor

With effect from 1st September 2017, if we’re named as executor in the Will, we no longer act as executor of the estate. The existing Will is still valid, however for customers who did not remove the Bank as executor before this date, or had not made a new Will, Mazars CYB Services will act on our behalf to assist you in understanding if the services of a professional executor are required. We’ll provide Mazars with the documents and they’ll contact you directly. In the meantime, if you’d like to contact Mazars, please call 0141 225 4977.